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Insurance – Supervised Run Off Provision of Run-Off Plan

Application provision

1.1 This rule is effective from 23:00 on 31/12/2020.

This Part applies to SRO insurers.

2.1

31/12/2020

This rule is effective from 23:00 on 31/12/2020.

A firm must, within 28 days of the date on which the firm becomes a SRO firm, submit a run-off plan to the PRA including:

  1. (1) a scheme of operations, in accordance with 3; and
  2. (2) an explanation of how, or to what extent:
    1. (a) all liabilities to policyholders will be met in full as they fall due; and
    2. (b) the firm will have ceased effecting contracts of insurance and carrying out contracts of insurance by the end date.